President, Employers’ Federation of Pakistan, Ismail Suttar acknowledges the need for gradual diversification in the business community of Pakistan, for the purpose of optimizing market share not just locally but rather globally, especially in the manufacturing of sweaters of various qualities.
In a statement, he said that the business community of Pakistan, especially the textile sector has fostered immense growth in their business structure by means of rapid analysis, expansion, and adoption of new technologies, particularly to capture the local market. Despite this notable achievement, one cannot begin to highlight the importance of global diversification, whereby many countries have reduced their concentration of risk by investing in multiple regions.
“As per recent analysis, one of the many current opportunities, for global diversification in Pakistan, lies within the category of winter apparel (HS 6110). As China prepares to pull down, on the production of these products many countries around the world have taken up the opportunity to capture the forgotten global market share”, he said.
The EFP president was of the opinion that statistically speaking, over a time span of five years from 2016 to 2020 China has decreased its exports in the concerned category by 9% which accounts for approximately 2 Billion US$. Bangladesh analyzing the need has managed to enhance themselves in the same class by approximately 0.6 Billion US$. Whereas Pakistan has lagged behind in availing the opportunity, particularly due to a lack of enthusiasm, production capacity, and efficient machinery.
Ismail added that Pakistan can export billions of dollars worth of products in the category of sweaters only, but to achieve the needed development, the private sector of Pakistan should augment their level of enthusiasm for the needed technical investment in the field. Agreeing that the concerned sector holds little to no value locally, particularly due to the well-known climatic conditions in the region, but the same does not apply internationally.
He expressed concern that countries today have learned to target markets, intercontinental despite the geographic gap, knowing full well that the customers in this time are not limited by the barriers that existed once. The comfort of investors in maintaining their local markets might sadly lead them to miss the potential opportunities not only in the present but also in the foreseeable future.
“The Employers’ Federation of Pakistan, holds on to the belief that it is quite essential for the business community of Pakistan to analyze, learn and adapt to the updated demands in the market globally in order to compete with the international industries”, he said, adding that the sector has been majorly ignored by the business community of Pakistan for the purpose of maintaining the relatively less risky current local market.
Ismail Said”, EFP concedes that a very serious effort is required to initiate this new industry in Pakistan for the purpose of bringing forth the needed foreign exchange and employment. One cannot emphasize enough how the consideration and analysis of important entities in this regard will play a very pivotal role in the establishment of sustainable systems that will bring forth the growth and development needed.
